My credit score used to be ok - about 700. I lost
Date: Mon, 03/21/2011 - 09:17
My credit score used to be ok - about 700. I lost my job several years back - (6 years back or so.) I had to stop paying on a few of my credit cards and did not make another payment or pay them off. I knew this would mess up my credit rating or score but had no choice at that time. I have a job now - I started working again within 6 months of loosing my job - but the bills got so far behind that I decided not to pay them or try to catch them up. I need or feel I need to repair my credit soon because I want to buy a house soon. - (1st time buyer) Right now I have no active revolving debt or any debt for that matter whatsoever -(other than the credit card debt from the past) What would be a good way to bring up my credit score? Should I get a credit card or 2,-(If I can even get one) make some purchases, & pay them off? I think those old credit cards are about to be written off being nearly 7 years old now.
Once the old accounts fall off of your report (at 7 years), your
Once the old accounts fall off of your report (at 7 years), your score will go up. If you need to reestablish credit, start with a gas card or department store card after the old stuff falls off.
If you want to bring up your credit score, you will have to payo
If you want to bring up your credit score, you will have to payoff your debt on time. This is because late payments may hurt your credit score by 35%. So, it will be better for you to repay your old debts first. Getting another credit card is not a good option for you. Long credit payment history creates a positive impact on your credit report.
